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Ørsted: CMD 2018 - Jolly Green Giant

Company Analysis: 02 Dec 2018, 10:17 PM ET - Ørsted’s 2018 CMD sees increased investments and a new target to reach 30GW of installed renewable capacity by 2030, all within a disciplined financial framework aimed at maintaining its existing credit rating.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

Vattenfall and Orsted: No Fireworks In 9M18

Earnings Note: 04 Nov 2018, 10:18 PM ET - 9M18 Results from Orsted were good and from Vattenfall were reasonable, although they suffered for weak performance in the Heat business. We continue to see both companies performing in line with the wider market. 

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Ørsted: Grows US Offshore Wind With Deepwater Buy

Worth Watching: 08 Oct 2018, 10:35 PM ET - Ørsted (Baa1/BBB+) announced on 8 October that it had entered into an agreement with DE Shaw to buy 100% of US offshore wind developer Deepwater Wind for USD 510 mn equity value. The total EV, including Deepwater's project finance for the Block ..

Ørsted: Sells 50% Of Hornsea 1

Worth Watching: 19 Sep 2018, 10:44 PM ET - Ørsted (Baa1/BBB+) has signed an agreement to sell a 50% stake in UK offshore windfarm Hornsea 1 to Global Infrastructure Partners (GIP). This is Ørsted's third agreement with GIP, which also owns 50% of Gode Wind 1 and Borkum Riffgrund 2. Horn ..

Hybrids: Accounting For Change

Strategy Analysis: 05 Sep 2018, 9:35 PM ET - In our view accounting changes proposed in the recent IASB discussion paper, if they do eventually bring an accounting change, are unlikely to have a material impact on the hybrid asset class.

Ørsted 1H18: Wind Of Change

Earnings Note: 09 Aug 2018, 9:57 PM ET - Good 1H18 results from Ørsted, but the big event was the company’s acquisition of US onshore wind developer LCE, which we regard as a bit of a reversal of strategy.

Engie/Orsted: Interested In EDPR?

Company Analysis: 26 Jun 2018, 10:07 PM ET - There is speculation that both Engie and Orsted are considering bidding for EDPR. We do not see this as likely but it is possible they might look to buy individual assets.

Ørsted: Looking To Sell Danish Distribution

Worth Watching: 26 Jun 2018, 5:33 AM ET - Ørsted (Baa1/BBB+) has started a process to assess interest in its Danish power distribution and residential customer business with a view to disposing of this business, which it claims does not fit within Ørsted's long-term international growt ..

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.

Nordic Utilities 1Q18: Good Start To The Year

Earnings Note: 29 Apr 2018, 9:53 PM ET - The three main Nordic utilities reported solid results for 1Q18. For Vattenfall and Ørsted it was business as usual but Fortum still has the uncertainty of the Uniper transaction. Maintain M/P on Vattenfal and Ørsted and U/P on Fortum.

Euro Utilities: 2017 Results Roundup

Sector Analysis: 12 Apr 2018, 10:19 PM ET - We take a look at the trends and the highlights of the recent 2017 Euro utility results season 

Ørsted FY17: With The Wind In Its Sails

Earnings Note: 01 Feb 2018, 10:03 PM ET - Ørsted reported strong FY17 results, ahead of guidance and driven by offshore wind farmdowns as well as better than expected Wind Power performance towards the end of the year. We maintain our Market perform view.

2018 Outlook: Euro Utilities, Brave New World

Sector Outlook: 12 Dec 2017, 4:04 PM ET - In 2018 we see operating results and credit quality being relatively stable for the utility sector, but longer term increasing competition and declining profitability will likely lead to anew wave of M&A.

Ørsted: Another New Green Hybrid

Worth Watching: 16 Nov 2017, 5:55 AM ET - Ørsted (Formerly DONG, rated Baa1/BBB+) is in the market with a new green hybrid bond, a green senior bond and a tender for its three senior Euro bonds. The transactions are aimed at extending the duration of the company's bond portfolio, at fu ..

DONG/Ørsted 9M17: Guidance Raised With Walney Sale

Earnings Note: 02 Nov 2017, 2:34 PM ET - DONG/Ørsted reported an underlying increase in 9M17 EBITDA and announced the farmdown of Walney Extension. As a result the company upped guidance for 2017, now expecting EBITDA of DKK19-21 bn.  

UK Utilities: Draft Leaves Hard Work To Ofgem

Sector Analysis: 12 Oct 2017, 10:20 PM ET - Draft legislation will enable the imposition of supply price caps in the UK but fell short of any clarity on the mechanics or level of the cap. The hard work in that regard falls to Ofgem.  

UK Utilities: Pummelled By Price Cap Uncertainty

Sector Analysis: 04 Oct 2017, 10:30 PM ET - UK utility share prices were pummelled on Wednesday after the government resurrected the prospect of price caps on the standard variable tariff. We cut Centrica and SSE to Underperform.

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